RISMEDIA, March 23, 2007-2006 was another successful year for SKY Sotheby's International Realty, the Sarasota-based luxury real estate brokerage firm. The company ended the year with substantial increases in earnings, listings and the total number of sales associates, as well as the opening of several new branch offices and the formation of two new business divisions.
"While overall unit volume in Sarasota and Manatee counties was down nearly 39% from 2005, we were able to turn the market conditions into a growth opportunity," says Chad Roffers, president, SKY Sotheby's International Realty. "We realized significant increases across the board in 2006 with earnings up 21%, keeping the firm on track to achieve its five-year plan of $1 billion in sales."
In addition to a substantial increase in sales, listing inventory grew substantially up 244% from 2005, now accounting for a market share of 21% of the $1 million market with an average of 1.8 million.
Roffers continues, "Our success in the luxury market is based on our ability to leverage our global affiliation with Sotheby's International Realty. Sellers are choosing to hire agents who have the ability to expose their property to the maximum number of qualified buyers. Our marketing programs, and affiliate network of 325 offices and 6,000 sales associates worldwide are a true competitive advantage."
In 2006, the company also scored consistent recruiting victories with the addition of 22 high-caliber and well-known sales associates. All of the new agents are in the top 10% of the Sarasota or Manatee Association of Realtors, bringing the total sales force to 31 agent teams and 55 individuals. Three of these new sales associates – Mark Hughes, Cheryl Loeffler and Hannerle Moore – rank in the list of top one% of agents in the local market, while five are listed in the top 50 and 14 are among the top 500 agents.
Efforts from the company's large group of top-producing sales associates helped SKY Sotheby's International Realty achieve some of the year's highest sales in the local area.
These include the highest closed single-family home sale ($5.9 million) and the highest condo sale ($3.05 million) on Siesta Key; and on Casey Key, the second highest single-family home sale at $8.5 million.
In addition to expanding the company's sales force, SKY Sotheby's International Realty expanded its footprint in the local market by opening new branch offices in Osprey (May 2006) and on Longboat Key (August 2006) and recently secured a new Lakewood Ranch location, which will later this month. Also, as a result of the company's continued successful growth from its inception, the firm had the opportunity to enter the Minnesota market, becoming the first Sotheby's affiliate in the state with the opening of its Minneapolis office in September.
2006 proved to be the perfect time for SKY Sotheby's International Realty to branch out in other ways with the formation of two new business divisions: new homes and commercial realty. Each division was built upon the company's core competency of serving the luxury market and helps developers and builders – start to finish – through the entire development process, from property selection to marketing to sales.
"From the beginning, our focus has always been on serving the customer," says Roffers. "Creating these two new divisions supports that commitment since they were a result of client demand. It was also an ideal opportunity to expand our business focus and fill a void in the market."
Both divisions have been quite successful. There are now three developments marketed under SKY Sotheby's International Realty's new homes division. Some of these communities include: Riverpark Grande in downtown Bradenton, and Devonshire Park and Valencia at Burns Square, both in Sarasota. As for the commercial division, since April 2006 it has completed transactions resulting in sales of more than $50 million.
"What we were able to accomplish in 2006 was phenomenal, and a great majority of our success was the result of the hard work and determination of our first-class sales associates and support staff," says Roffers. "Moving forward into 2007, we already have $125 million in pending sales and launched an innovative partnership with the venerable JP King Auction House. I am confident that we will continue to meet our business objectives, as well as the needs of our valued clientele."
For more information, visit www.skysothebysrealty.com.
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